Thursday, September 16, 2010

Rate moments in history

All day the battle had raged; Napoleon’s troops had surgedagain and again, forcing the Duke’s men back to a barelydefensible ridge. The field below lay littered with thebodies of the slain. It seemed that, come the morrow, theBonapartists must triumph when they renewed theirterrible onslaught. But with nightfall there came a lull, andthe Duke, withdrawing to his tent, brooded on whatpossible manoeuvres he could devise to withstand the foe.Then came a messenger, who had ridden like the devilfrom the capital far behind. The note was pressed into theDuke’s bloodied hand. He took it. He read it. It said: ‘TheReserve Bank Governor has decided to keep the officialcash rate on hold.’ A glimmer of hope dawned in thatfamous face. 'Tell the men,' he said softly to an aide, 'tellthe men that we will fight and fight again.' In that instant—as history has since recorded—the battle was won.